The competition was first held in 2011, featuring sixteen teams from around the country who qualified based on their finishing positions in their previous state league season. In 2011 and 2012, matches were played mostly as curtain-raisers to AFL Saturday night games, or occasionally as a stand-alone game in the same timeslot;[3] in 2013 and 2014, matches were mostly played as stand-alone games on Tuesday nights.[4] In both cases, matches were televised on subscription television provider and competition naming rights sponsor Foxtel; and clubs played matches on or adjacent to bye weeks in their respective state league fixtures. Total annual prize money for the competition was about $250,000, with $40,000 going to the winner.[5]

However, despite the SANFL signing on to be part of the Cup competition, its top three clubs – Central District, Norwood and Woodville-West Torrens – all rejected their invitation to compete,[10] citing lack of prize money, sponsorship conflicts, salary cap implications, schedule concerns and removing the focus from their SANFL premiership ambitions.[11] Eventually, the SANFL positions in the competition were taken up by West Adelaide, North Adelaide and Port Adelaide Magpies, none of whom even reached the SANFL finals in 2010.[12] In 2013 it was announced that the SANFL's top three teams of the 2012 season, Norwood, West Adelaide and North Adelaide, had committed to play in the Foxtel Cup in 2014. At the time of the announcement midway through the 2013 SANFL season the three teams were again the top three on the SANFL premiership ladder, showing that among South Australian clubs, the Foxtel Cup was gaining recognition.

In 2013 and 2014, the scale of the competition was reduced from sixteen teams to nine or ten. In those seasons, the WAFL, SANFL and VFL each contributed two teams to the competition, who entered the competition at the quarter-final stage; and the remaining teams came from the NEAFL and TFL, who contested pre-qualifying rounds before entering the quarter finals.

The AFL announced on 1 August 2011 that public interest and television audiences well-supported the inaugural year of the Foxtel Cup and as a result the competition would continue for the next five years.[13] However, following the heavy burden of playing mid-week games on the competing clubs, the decision was made to cease the Foxtel Cup after its fourth season, 2014.[14]